By: Mike Nilsson
Do you dream about building your own home? Now is a great time to make that dream a reality. Interest rates remain low and here’s how you can make it happen.
First, figure out what you can afford. A HomeStar Loan Officer can help you calculate a mortgage payment and assist you in obtaining financing. At HomeStar, you can obtain a lot loan and a construction line-of-credit to get your home built. Once your home is finished, HomeStar will combine these loans for you into a final mortgage.
When choosing the location, you will want to carefully evaluate your home’s site. Your builder can help with the evaluation process so that it meets your needs. You may also wish to inquire about ordinances with the Village (or County) governing your property. Being the number one home loan lender for the past twenty-five years, HomeStar has fostered many relationships in the real estate market place. We’re happy to advise you of professionals in your area that may assist you in building your home.
When it comes to the building of your home, of course, you will want to pay close attention to the layout and the construction time frame. For a clear title, you will also want to make sure everything is completed according to the contractor’s affidavit, including lien waivers and payouts. If this step is not followed, your closing may be delayed. HomeStar Title Company, an affiliate of HomeStar Bank & Financial Services, offers a Construction Escrow Service that works on your behalf to provide you a clear title.
Simplify the building process and work with the experts! Call (815) 468-BANK (2265) or stop by one of our five branches and a Loan Officer will help you.